1 00:00:00,240 --> 00:00:02,680 Speaker 1: Hello, and welcome to another episode of the Mark Moss Show, 2 00:00:02,680 --> 00:00:05,680 Speaker 1: where we talk about, of course, the decentralized revolution, how 3 00:00:05,720 --> 00:00:08,680 Speaker 1: the world is changing right before our eyes as we 4 00:00:08,720 --> 00:00:12,320 Speaker 1: look at it through the lens of politics, finance, and technology. 5 00:00:12,400 --> 00:00:15,440 Speaker 1: And we have a big show coming up. The government 6 00:00:15,640 --> 00:00:19,160 Speaker 1: admits money comes from thin air. The US Treasury has 7 00:00:19,200 --> 00:00:22,759 Speaker 1: only two weeks of money left. Why a government default 8 00:00:22,880 --> 00:00:27,520 Speaker 1: seems more likely than ever. And big problems equal big solutions, 9 00:00:27,680 --> 00:00:30,680 Speaker 1: and we have one right now. So that's what we're 10 00:00:30,680 --> 00:00:32,879 Speaker 1: going to cover. Let's go ahead and dig right into this, 11 00:00:32,920 --> 00:00:37,440 Speaker 1: and let's just start right off by stating the obvious. 12 00:00:37,960 --> 00:00:41,320 Speaker 1: We are at the point now where the government, the 13 00:00:41,360 --> 00:00:46,159 Speaker 1: government officials are saying the quiet part out loud. What 14 00:00:46,200 --> 00:00:48,760 Speaker 1: do I mean? Well, there's lots of things that we 15 00:00:48,800 --> 00:00:52,280 Speaker 1: talk about kind of behind the scenes. People might consider 16 00:00:52,320 --> 00:00:57,600 Speaker 1: them sometimes conspiracies, maybe their lies, maybe we don't understand, 17 00:00:57,880 --> 00:01:00,200 Speaker 1: but we're at the point now where they're coming out 18 00:01:00,280 --> 00:01:04,760 Speaker 1: and telling us that specifically. Now. One of our government 19 00:01:04,760 --> 00:01:09,520 Speaker 1: officials I'm talking about, Brad Sherman from California, obviously is 20 00:01:09,560 --> 00:01:12,119 Speaker 1: not one of my favorite lawmakers. For sure, he has 21 00:01:12,160 --> 00:01:18,319 Speaker 1: been let's say, a big time foe an enemy of progress, 22 00:01:18,360 --> 00:01:22,640 Speaker 1: an enemy of innovation, an enemy of bitcoin and cryptocurrencies. 23 00:01:22,680 --> 00:01:25,920 Speaker 1: And of course his major donors are credit card companies 24 00:01:26,040 --> 00:01:28,360 Speaker 1: and banks, so of course no wonder he's against that. 25 00:01:28,720 --> 00:01:32,080 Speaker 1: And he's constantly come out with bad take after bad 26 00:01:32,120 --> 00:01:35,360 Speaker 1: take after bad take. And he has another one this 27 00:01:35,440 --> 00:01:39,000 Speaker 1: week that Matt really still got to sit out to me. 28 00:01:39,120 --> 00:01:42,440 Speaker 1: I'm gonna let you hear it directly from his mouth. 29 00:01:42,520 --> 00:01:44,199 Speaker 1: Let's go ahead and play this clip from Brad Sherman 30 00:01:44,280 --> 00:01:47,120 Speaker 1: so you can hear what we're talking about. Crypto bros 31 00:01:47,240 --> 00:01:49,720 Speaker 1: make money, literally by making money, and they've made over 32 00:01:49,760 --> 00:01:54,680 Speaker 1: a trillion dollars out of thin air. They'll accuse the 33 00:01:54,760 --> 00:01:57,760 Speaker 1: US government of making money out of thin air. Maybe 34 00:01:57,800 --> 00:02:04,480 Speaker 1: we do, but we're the US government. Uh, Crypto bros 35 00:02:04,560 --> 00:02:06,880 Speaker 1: accused the US government of making money out of thin air. 36 00:02:07,600 --> 00:02:12,760 Speaker 1: Maybe we do, but were the US government. That's his rationale. 37 00:02:13,760 --> 00:02:16,400 Speaker 1: When I was a kid, I remember seeing these bumper stickers. 38 00:02:16,600 --> 00:02:20,320 Speaker 1: They might still be around today, but they say, don't steal. 39 00:02:20,680 --> 00:02:23,400 Speaker 1: The government hates competition. I don't know if you've ever 40 00:02:23,400 --> 00:02:25,440 Speaker 1: seen one of those bumper stickers before, but that's basically 41 00:02:25,480 --> 00:02:29,200 Speaker 1: what they're saying. You're not allowed to counterfeit money. That's 42 00:02:29,280 --> 00:02:32,760 Speaker 1: the government's job. You're not allowed to steal, that's the 43 00:02:32,800 --> 00:02:35,480 Speaker 1: government's job. You're not allowed to create money out of 44 00:02:35,480 --> 00:02:38,799 Speaker 1: thin air. That's the government's job. So there's a lot 45 00:02:38,880 --> 00:02:41,560 Speaker 1: to unpack with this. And as I said, one, they're 46 00:02:41,600 --> 00:02:45,200 Speaker 1: saying the quiet part out loud. Yes, the government literally 47 00:02:45,760 --> 00:02:50,600 Speaker 1: creates money out of thin air. Although if you don't 48 00:02:50,680 --> 00:02:52,679 Speaker 1: understand what money is, maybe you don't really understand it. 49 00:02:52,720 --> 00:02:54,360 Speaker 1: But let me unpack this just a little bit. So 50 00:02:54,800 --> 00:02:56,840 Speaker 1: does the government print money out of thin air? And 51 00:02:56,919 --> 00:03:00,120 Speaker 1: do crypto bros create money out of thin air? Well, 52 00:03:00,800 --> 00:03:03,160 Speaker 1: first of all, money is a meaning of exchange, is 53 00:03:03,160 --> 00:03:04,600 Speaker 1: a store of value, and I don't want to get 54 00:03:04,600 --> 00:03:06,959 Speaker 1: into all that, but let's think about this for a minute. 55 00:03:07,440 --> 00:03:10,359 Speaker 1: How is money made? How do you make money out 56 00:03:10,400 --> 00:03:13,560 Speaker 1: of thin air? Well, I mean you can't, right, So, 57 00:03:13,600 --> 00:03:16,840 Speaker 1: if I'm a crypto bro that Brad Sherman's talking about, 58 00:03:17,080 --> 00:03:20,560 Speaker 1: let's see, I had to probably learn how to code. 59 00:03:20,600 --> 00:03:23,679 Speaker 1: I've probably spent hundreds or thousands of hours potentially schooling 60 00:03:24,600 --> 00:03:27,240 Speaker 1: learning how to code. And then I had to learn 61 00:03:27,280 --> 00:03:31,040 Speaker 1: how to get a blockchain and fork it and then 62 00:03:31,160 --> 00:03:33,440 Speaker 1: you know, change it, modify it to my own liking. 63 00:03:34,200 --> 00:03:36,160 Speaker 1: Well one, I had to have the idea. I had 64 00:03:36,200 --> 00:03:39,400 Speaker 1: to have the creativity to even see a potential use case. 65 00:03:39,440 --> 00:03:41,440 Speaker 1: So I had to see a problem and a potential solution. 66 00:03:41,800 --> 00:03:43,080 Speaker 1: I had to come up with a new you know, 67 00:03:43,160 --> 00:03:47,600 Speaker 1: crypto bro blockchain to potentially solve that problem. I had 68 00:03:47,600 --> 00:03:48,960 Speaker 1: to learn how to code or I had to hire 69 00:03:49,000 --> 00:03:50,920 Speaker 1: coders to come in and write the code, fork it, 70 00:03:51,000 --> 00:03:53,480 Speaker 1: modify it, et cetera. Then I had to you know, 71 00:03:53,560 --> 00:03:56,560 Speaker 1: build a website and put all the marketing together. I 72 00:03:56,600 --> 00:03:58,920 Speaker 1: had to you know, figure out how to raise money, 73 00:03:58,920 --> 00:04:01,680 Speaker 1: set up off score corporations, bank accounts, whatever. I had 74 00:04:01,680 --> 00:04:03,280 Speaker 1: to go on the show, you know, the road show, 75 00:04:03,280 --> 00:04:05,200 Speaker 1: and I had to collect money, raise money. Then I 76 00:04:05,240 --> 00:04:07,400 Speaker 1: had to get exchanges to list the token. I had 77 00:04:07,400 --> 00:04:11,440 Speaker 1: to sell a token, etc. Sort of sounds like setting 78 00:04:11,480 --> 00:04:15,480 Speaker 1: up a business. So for Brad Sherman to say that 79 00:04:15,520 --> 00:04:18,760 Speaker 1: they were creating money out of thin air, I don't 80 00:04:19,000 --> 00:04:21,760 Speaker 1: see what he's talking about. If you follow that line 81 00:04:21,800 --> 00:04:25,520 Speaker 1: of thinking, then Mark Zuckerberg created money out of thin air. 82 00:04:26,720 --> 00:04:30,320 Speaker 1: Jeff Bezos created money out of thin air. If you 83 00:04:30,400 --> 00:04:32,680 Speaker 1: create So what Brad Sherman is saying is, if you 84 00:04:33,440 --> 00:04:36,560 Speaker 1: learn how to use your mental capital. If you learn 85 00:04:36,600 --> 00:04:39,800 Speaker 1: how to use your ideas to solve problems, you learn 86 00:04:39,880 --> 00:04:43,600 Speaker 1: how to use your skills you developed to write code, 87 00:04:43,839 --> 00:04:47,960 Speaker 1: you've learned marketing skills and organizational skills, and your business 88 00:04:48,040 --> 00:04:51,400 Speaker 1: creates revenue. You've created it out of thin air. Is 89 00:04:51,400 --> 00:04:55,839 Speaker 1: that what they're saying. That's what he's trying to say. Now, 90 00:04:56,640 --> 00:04:58,159 Speaker 1: if you listen to the show on a regular basis, 91 00:04:58,200 --> 00:05:00,440 Speaker 1: you know, I'm not a big fan of crypto currency 92 00:05:00,480 --> 00:05:03,640 Speaker 1: as a category because most of it is vaporware. Most 93 00:05:03,640 --> 00:05:05,000 Speaker 1: of it is a scam, and I don't use the 94 00:05:05,040 --> 00:05:07,480 Speaker 1: word scam lightly. What I mean is that people think 95 00:05:07,480 --> 00:05:12,039 Speaker 1: they're buying one thing, a decentralized, secure asset, and they're 96 00:05:12,080 --> 00:05:16,360 Speaker 1: being sold something else that's neither decentralized nor secure, And 97 00:05:16,400 --> 00:05:18,680 Speaker 1: many times there's rug poles and things like that. So 98 00:05:18,720 --> 00:05:20,359 Speaker 1: I'm not a big fan of it as a category. 99 00:05:20,400 --> 00:05:22,840 Speaker 1: But to say that they're printing money from thin air 100 00:05:23,200 --> 00:05:26,520 Speaker 1: just shows how little Brad Sherman knows about what he's 101 00:05:26,560 --> 00:05:28,679 Speaker 1: even talking about. He has no idea, of course he doesn't. 102 00:05:28,800 --> 00:05:32,159 Speaker 1: He's a government bureaucrap. He's never created value in his 103 00:05:32,440 --> 00:05:35,360 Speaker 1: entire life, so he has no idea what we'd say 104 00:05:35,360 --> 00:05:38,160 Speaker 1: is how the sausage is made. He has no idea 105 00:05:38,320 --> 00:05:41,640 Speaker 1: how businesses actually create value. He has no idea how 106 00:05:41,680 --> 00:05:43,840 Speaker 1: people get paid by creating value. If he did, he 107 00:05:43,880 --> 00:05:47,400 Speaker 1: would understand that what the crypto bros Have done is 108 00:05:47,440 --> 00:05:49,839 Speaker 1: no different. I mean, it's different in many ways, but 109 00:05:50,000 --> 00:05:52,880 Speaker 1: it is very similar to what Mark Zuckerberg did by 110 00:05:52,920 --> 00:05:55,240 Speaker 1: creating a line of code in his college dorm room. 111 00:05:55,520 --> 00:05:59,360 Speaker 1: And what the guys that started Airbnb from an Airbnb 112 00:05:59,520 --> 00:06:02,119 Speaker 1: from a cow did. They wrote a line of code, 113 00:06:02,279 --> 00:06:05,440 Speaker 1: They organized people, they created marketing, They went and raised 114 00:06:05,440 --> 00:06:10,719 Speaker 1: money that created value for those people, and they made money. 115 00:06:11,080 --> 00:06:13,240 Speaker 1: So the crypto ros did not create money out of 116 00:06:13,279 --> 00:06:16,880 Speaker 1: thin air. They created something that enticed people to give 117 00:06:17,000 --> 00:06:20,719 Speaker 1: them money US dollars. Now back to the government, the 118 00:06:20,800 --> 00:06:23,239 Speaker 1: government is making money out of thin air. That's according 119 00:06:23,279 --> 00:06:26,640 Speaker 1: to Brad Sherman's own words. Yes, the government is printing 120 00:06:26,640 --> 00:06:28,520 Speaker 1: money out of thin air. So what are they doing 121 00:06:28,560 --> 00:06:32,440 Speaker 1: to provide value? What is the government doing to provide 122 00:06:32,440 --> 00:06:36,920 Speaker 1: any value to us? They're not. They didn't learn a skill. 123 00:06:37,040 --> 00:06:39,960 Speaker 1: They didn't provide that skill to the marketplace. They didn't 124 00:06:40,000 --> 00:06:43,720 Speaker 1: go build out marketing and go raise money. People willingly 125 00:06:43,920 --> 00:06:46,160 Speaker 1: giving them money. No, that's not what the government does. 126 00:06:46,600 --> 00:06:50,679 Speaker 1: The government hits a button on a keyboard to create 127 00:06:50,760 --> 00:06:56,320 Speaker 1: more dollar units, not for us, not in exchange for value. 128 00:06:56,480 --> 00:06:59,000 Speaker 1: They just inject those into the system. None of us 129 00:06:59,040 --> 00:07:00,960 Speaker 1: get any say out of it. This and what it 130 00:07:01,000 --> 00:07:04,200 Speaker 1: does instead of providing value to us, it steals our 131 00:07:04,279 --> 00:07:07,800 Speaker 1: value away. Every time they create create one more currency unit, 132 00:07:07,920 --> 00:07:13,040 Speaker 1: it makes the existing crypto, the existing currency units worth less, worthless. 133 00:07:13,360 --> 00:07:18,920 Speaker 1: And so when you see prices going up steak, gas, milk, cheese, homes, travel, 134 00:07:19,000 --> 00:07:21,560 Speaker 1: et cetera, when those prices are going up, what's really 135 00:07:21,600 --> 00:07:25,080 Speaker 1: happening is the dollars are buying less and less. They're debasing. 136 00:07:25,160 --> 00:07:27,840 Speaker 1: They're devaluing the dollar by creating more of them. And 137 00:07:27,880 --> 00:07:30,160 Speaker 1: so it's not that prices are going up. They are, 138 00:07:30,480 --> 00:07:32,600 Speaker 1: but the reason why prices are going up is because 139 00:07:32,640 --> 00:07:36,160 Speaker 1: the value of that money is going down. The money 140 00:07:36,240 --> 00:07:38,720 Speaker 1: buys you less, it takes more of those currency units 141 00:07:38,760 --> 00:07:40,840 Speaker 1: to buy those same goods and services in the future. 142 00:07:41,240 --> 00:07:44,960 Speaker 1: Now that's being done because, as Brad Truman said, the 143 00:07:45,040 --> 00:07:49,360 Speaker 1: quiet part out loud, they're creating money from thin air. Now, 144 00:07:49,480 --> 00:07:51,680 Speaker 1: this takes us to the big topic at hand, which 145 00:07:51,720 --> 00:07:54,720 Speaker 1: is all over the news, which is the debt limit. 146 00:07:55,080 --> 00:07:59,880 Speaker 1: The United States government global the number one global superpower, 147 00:08:00,080 --> 00:08:06,520 Speaker 1: the homogeny, the reserve currency of the world. The United 148 00:08:06,520 --> 00:08:12,800 Speaker 1: States government is broke. The United States Treasury, the treasury 149 00:08:12,880 --> 00:08:14,560 Speaker 1: runs the government. It's like if you had a business, 150 00:08:14,560 --> 00:08:16,640 Speaker 1: you had an accounting department. The treasury is like the 151 00:08:16,680 --> 00:08:20,560 Speaker 1: accounting department. They're broke. They don't have enough income to 152 00:08:20,720 --> 00:08:25,120 Speaker 1: cover their expenses, and they've taken on more debt and 153 00:08:25,200 --> 00:08:28,760 Speaker 1: more debt and more debt, and now they don't have 154 00:08:28,840 --> 00:08:32,640 Speaker 1: any more. So, for example, if you had a business 155 00:08:32,960 --> 00:08:36,720 Speaker 1: and your expenses exceeded your income, and so you took 156 00:08:36,760 --> 00:08:39,959 Speaker 1: a credit line from your bank, and then you went 157 00:08:40,000 --> 00:08:42,000 Speaker 1: through that entire credit line, and you still didn't have 158 00:08:42,120 --> 00:08:43,760 Speaker 1: enough revenue to cover your expenses. So then you went 159 00:08:43,800 --> 00:08:46,720 Speaker 1: and got a credit card, and then you still couldn't 160 00:08:46,760 --> 00:08:49,000 Speaker 1: get your business profitable, and so you took out another 161 00:08:49,040 --> 00:08:52,160 Speaker 1: credit card, and then finally the bank and the credit 162 00:08:52,240 --> 00:08:54,680 Speaker 1: cards are like, hang on, hang on, hang on, no 163 00:08:54,760 --> 00:08:59,120 Speaker 1: more credit for you. That's where the government's at five trillion, 164 00:08:59,160 --> 00:09:02,640 Speaker 1: ten trillion, trillion, thirty trillion, thirty two trillion, and the 165 00:09:02,679 --> 00:09:05,960 Speaker 1: government still can't be profitable. And now the credit lines 166 00:09:06,000 --> 00:09:08,280 Speaker 1: are cut off. If you're just tune in, you're listening 167 00:09:08,360 --> 00:09:11,000 Speaker 1: to the Mark Maas Show talking about the decentralized Revolution. 168 00:09:11,320 --> 00:09:13,720 Speaker 1: We're running through some big stuff. We're gonna talk about 169 00:09:13,720 --> 00:09:16,600 Speaker 1: the treasury has only two weeks of money left, why 170 00:09:16,640 --> 00:09:19,360 Speaker 1: the government default is more likely than ever, and the 171 00:09:19,360 --> 00:09:20,839 Speaker 1: big problem. I'll be back with that in a more 172 00:09:20,920 --> 00:09:22,760 Speaker 1: in a minute. Don't go away, all right, welcome back. 173 00:09:22,760 --> 00:09:24,160 Speaker 1: If you're just tune in and you were listening to 174 00:09:24,200 --> 00:09:26,840 Speaker 1: the Mark mass Show, of course, always talking about the 175 00:09:26,920 --> 00:09:32,080 Speaker 1: decentralized Revolution. We're talking about how our lawmakers are now 176 00:09:32,160 --> 00:09:34,200 Speaker 1: saying the quiet part out loud. Brad Sherman says, Hey, 177 00:09:34,240 --> 00:09:36,120 Speaker 1: you crypto bros. Created money out of thin air. You 178 00:09:36,120 --> 00:09:39,440 Speaker 1: can't do that, but we're the government. We do. I 179 00:09:39,480 --> 00:09:41,160 Speaker 1: explained that I'm not gonna go through that again, but 180 00:09:42,160 --> 00:09:44,160 Speaker 1: the government needs to create more money out of thin 181 00:09:44,200 --> 00:09:48,520 Speaker 1: air because the government, the US Treasury is broke literally 182 00:09:48,800 --> 00:09:51,400 Speaker 1: meaning broke. As a matter of fact, let's hear directly 183 00:09:51,840 --> 00:09:55,480 Speaker 1: from the head of the US Treasury again, kind of 184 00:09:55,679 --> 00:09:59,559 Speaker 1: in a business analogy, this would be like your CFO 185 00:09:59,679 --> 00:10:02,839 Speaker 1: telling you, let's hear exactly what Janet Yellen, the head 186 00:10:02,840 --> 00:10:05,920 Speaker 1: of US Treasury is saying about this debt default that's 187 00:10:05,960 --> 00:10:06,679 Speaker 1: looming here. 188 00:10:06,800 --> 00:10:12,200 Speaker 2: Well, you know, I would say that if Congress doesn't 189 00:10:12,440 --> 00:10:16,600 Speaker 2: raise the debt ceiling, the president will have to make 190 00:10:16,640 --> 00:10:21,640 Speaker 2: some decisions about what to do with the resources that 191 00:10:21,760 --> 00:10:25,720 Speaker 2: we do have. And there are a variety of different options, 192 00:10:26,160 --> 00:10:29,760 Speaker 2: but there are no good options. Every option is a 193 00:10:29,800 --> 00:10:30,520 Speaker 2: bad option. 194 00:10:33,559 --> 00:10:36,199 Speaker 1: First of all, that wasn't a bad signal. That's just 195 00:10:36,240 --> 00:10:40,600 Speaker 1: how she talks. She has to labor over every single word, 196 00:10:41,120 --> 00:10:45,959 Speaker 1: So that's how she talks about. There's no good options. Yeah, 197 00:10:46,000 --> 00:10:49,480 Speaker 1: who would want to cut back on their spending? Who 198 00:10:49,559 --> 00:10:52,360 Speaker 1: would want to live within a budget? Those are not 199 00:10:52,520 --> 00:10:55,400 Speaker 1: good options. She says that the president will have to 200 00:10:55,400 --> 00:11:02,880 Speaker 1: make some very difficult decisions. Yeah, not increasing the spending 201 00:11:02,920 --> 00:11:06,200 Speaker 1: when you don't have the money. Those are very difficult decisions. Now, 202 00:11:06,520 --> 00:11:08,200 Speaker 1: if you tune in regularly, you kind of already know 203 00:11:08,200 --> 00:11:09,840 Speaker 1: this I talk about this has already been framed up. 204 00:11:09,880 --> 00:11:13,360 Speaker 1: But look, this isn't a partisan thing. I don't want 205 00:11:13,400 --> 00:11:16,440 Speaker 1: to turn this into a Republican Democrat. We happen to 206 00:11:16,440 --> 00:11:18,520 Speaker 1: have a Democrat Biden in the office. Now we had 207 00:11:19,080 --> 00:11:21,840 Speaker 1: a Republican with Trump in before Trump spent more money 208 00:11:21,840 --> 00:11:23,920 Speaker 1: than any president before him, and Biden wants to spend 209 00:11:23,920 --> 00:11:25,719 Speaker 1: even more. Every president wants to spend more, and the 210 00:11:25,760 --> 00:11:28,000 Speaker 1: reason why is because we are in a debt based 211 00:11:28,040 --> 00:11:30,880 Speaker 1: monetary system, which means the debt has to constantly expand 212 00:11:31,320 --> 00:11:33,880 Speaker 1: or the whole thing falls apart. So it's not red 213 00:11:33,960 --> 00:11:37,680 Speaker 1: or blue. Trump spent more than before him, and Biden 214 00:11:37,679 --> 00:11:39,880 Speaker 1: wants to spend even more. But Biden has come out 215 00:11:40,160 --> 00:11:44,600 Speaker 1: like swinging like crazy, passing like all types of bills 216 00:11:44,679 --> 00:11:47,520 Speaker 1: like the Inflation Reduction Act, and they want to spend 217 00:11:47,600 --> 00:11:51,880 Speaker 1: one point seven trillion dollars on all these new programs 218 00:11:51,920 --> 00:11:53,760 Speaker 1: like eighty billion to bring on a whole bunch of 219 00:11:53,840 --> 00:11:58,760 Speaker 1: new IRS, agents, types of things like that, and you know, 220 00:11:58,920 --> 00:12:01,160 Speaker 1: millions hundreds of million dollars to give to other countries 221 00:12:01,200 --> 00:12:04,120 Speaker 1: to study gender studies and things like that. Money that 222 00:12:04,160 --> 00:12:06,960 Speaker 1: probably doesn't need to be spent. Money that might be 223 00:12:07,400 --> 00:12:09,680 Speaker 1: good to be spent if you wanted to and you 224 00:12:09,679 --> 00:12:11,560 Speaker 1: had some extra money and you thought it was worthwhile, 225 00:12:11,720 --> 00:12:14,960 Speaker 1: but certainly not when you're broke and your income is 226 00:12:14,960 --> 00:12:18,520 Speaker 1: expen your income is your expenses are exceeding your income, 227 00:12:18,600 --> 00:12:21,520 Speaker 1: so no good options left. Now, let's talk about some 228 00:12:21,600 --> 00:12:25,120 Speaker 1: of these options. So option one is the Republican said, look, 229 00:12:25,160 --> 00:12:27,600 Speaker 1: here's what we'll do. Will allow you to increase the 230 00:12:27,640 --> 00:12:32,880 Speaker 1: debt ceiling another one point five trillion dollars, but you're 231 00:12:32,880 --> 00:12:34,320 Speaker 1: going to have to cut a couple of things because 232 00:12:34,320 --> 00:12:36,040 Speaker 1: that's not gonna be enough money. So a couple things 233 00:12:36,080 --> 00:12:37,600 Speaker 1: you have to cut would be like cut some of 234 00:12:37,600 --> 00:12:41,640 Speaker 1: this these IRS agents for example. Also, you're going to 235 00:12:41,679 --> 00:12:44,640 Speaker 1: need to cancel that student loan forgiveness that you put 236 00:12:44,679 --> 00:12:46,200 Speaker 1: through because we don't really have the money to do that. 237 00:12:47,640 --> 00:12:49,400 Speaker 1: And also, what we want to do is we want 238 00:12:49,440 --> 00:12:51,559 Speaker 1: to start getting energy out of the United States against 239 00:12:51,559 --> 00:12:53,760 Speaker 1: we can become energy independent because that will really unleash 240 00:12:53,800 --> 00:12:55,520 Speaker 1: the economy and allow us to grow out of this. 241 00:12:55,840 --> 00:12:58,960 Speaker 1: And Biden says no deal. So when jan yone's saying 242 00:12:59,200 --> 00:13:01,400 Speaker 1: that he has to make some tough decisions, one of 243 00:13:01,440 --> 00:13:04,640 Speaker 1: the tough decisions would be, am I willing to spend 244 00:13:04,720 --> 00:13:07,440 Speaker 1: less money in the future? Still increase it? Still go 245 00:13:07,520 --> 00:13:10,640 Speaker 1: up by one point five trillion, but less than I want? 246 00:13:10,679 --> 00:13:12,640 Speaker 1: And that's where the stealmate is. I want you to 247 00:13:12,720 --> 00:13:16,560 Speaker 1: understand that the stellmate is the one point five trillion 248 00:13:16,840 --> 00:13:20,240 Speaker 1: more isn't good enough And that's what they're fighting over. 249 00:13:20,400 --> 00:13:24,920 Speaker 1: Now there's talks of a government default, and that is 250 00:13:25,000 --> 00:13:28,079 Speaker 1: really running hot. As a matter of fact, that seems 251 00:13:28,120 --> 00:13:32,760 Speaker 1: to be the base case that's going on here. Let's 252 00:13:32,800 --> 00:13:35,720 Speaker 1: play this clip from Janet Yellen and hear directly from 253 00:13:35,720 --> 00:13:38,480 Speaker 1: her on what she's saying about this is. 254 00:13:38,480 --> 00:13:43,360 Speaker 2: If re Treasury secretary has known the only option that 255 00:13:43,600 --> 00:13:47,600 Speaker 2: really leaves our economy in good shape is and our 256 00:13:47,679 --> 00:13:52,400 Speaker 2: financial system is raising the dead ceiling and making clear 257 00:13:52,559 --> 00:13:58,560 Speaker 2: that Congress stands behind the basic principle that America pays 258 00:13:58,600 --> 00:14:01,520 Speaker 2: its bills. We're not beat contract. 259 00:14:03,600 --> 00:14:08,760 Speaker 1: So every economist knows, right, every economist knows that the 260 00:14:08,960 --> 00:14:12,640 Speaker 1: only way forward is for the US government to continue 261 00:14:12,720 --> 00:14:16,520 Speaker 1: to raise the debt ceiling, otherwise it leaves our economy 262 00:14:16,520 --> 00:14:19,400 Speaker 1: in bad shape. Like what like, hang on, did you 263 00:14:19,480 --> 00:14:21,760 Speaker 1: know that? Let me know? If you know that, hit 264 00:14:21,760 --> 00:14:23,240 Speaker 1: me up on social media. I want to hear from 265 00:14:23,240 --> 00:14:24,840 Speaker 1: you guys. Hit me up on social media at one 266 00:14:24,920 --> 00:14:27,240 Speaker 1: Mark Moss on Instagram or Twitter. I'm pretty active on 267 00:14:27,280 --> 00:14:29,560 Speaker 1: both those platforms, And let me know, did you know that? 268 00:14:29,680 --> 00:14:32,480 Speaker 1: Did you know that? Every economist knows that we have 269 00:14:32,680 --> 00:14:35,040 Speaker 1: to increase the debt ceiling in order to continue to 270 00:14:35,080 --> 00:14:38,680 Speaker 1: pay our bills. Now more people are waking up to 271 00:14:38,720 --> 00:14:40,640 Speaker 1: this than ever before. So this is a good thing 272 00:14:40,800 --> 00:14:42,800 Speaker 1: in a long term perspective because people are starting to 273 00:14:42,800 --> 00:14:45,440 Speaker 1: wake up to this. But listen to the sheer insanity 274 00:14:45,520 --> 00:14:48,200 Speaker 1: of that. Everyone knows we have to increase the debt 275 00:14:48,240 --> 00:14:50,640 Speaker 1: ceiling in order to pay our bills. So that's going 276 00:14:50,640 --> 00:14:52,840 Speaker 1: back to your business analogy. Your bank won't give you 277 00:14:52,840 --> 00:14:55,160 Speaker 1: another credit line, you can't get any more credit cards, 278 00:14:55,200 --> 00:14:56,760 Speaker 1: and you go back to the bank and say, look, 279 00:14:57,000 --> 00:14:59,440 Speaker 1: everyone knows if you don't give me another credit line, 280 00:14:59,520 --> 00:15:03,200 Speaker 1: my business goes under. What's the bank going to tell you? 281 00:15:04,520 --> 00:15:06,240 Speaker 1: Can tell you to pound sand I mean, that's the 282 00:15:06,240 --> 00:15:09,480 Speaker 1: most ridiculous thing ever. But then the final part that 283 00:15:09,520 --> 00:15:12,440 Speaker 1: she said so that other nations don't think we're a 284 00:15:12,480 --> 00:15:15,760 Speaker 1: deadbeat nation. So imagine again, going back to your bank. 285 00:15:16,120 --> 00:15:17,360 Speaker 1: I know you said you won't give me to our 286 00:15:17,400 --> 00:15:19,600 Speaker 1: credit lines, and I know I've maxed out fifteen credit cards, 287 00:15:20,360 --> 00:15:22,360 Speaker 1: but look, if you don't give me, if you don't 288 00:15:22,360 --> 00:15:24,400 Speaker 1: give me another credit line, you know my business is 289 00:15:24,400 --> 00:15:26,240 Speaker 1: going to go under and people will think I'm a 290 00:15:26,280 --> 00:15:31,400 Speaker 1: deadbeat company. Think about that, Well, if you can't pay 291 00:15:31,400 --> 00:15:33,720 Speaker 1: your bills, you're not profitable, You've taken on more and 292 00:15:33,720 --> 00:15:35,880 Speaker 1: more debt that you have no way of ever repaying. 293 00:15:37,240 --> 00:15:40,120 Speaker 1: Aren't you a deadbeat company? You're not going to pay 294 00:15:40,120 --> 00:15:43,960 Speaker 1: those people their money back. Why would anyone loan you 295 00:15:44,440 --> 00:15:47,440 Speaker 1: are deadbeat? So what she's saying is wrong. I put 296 00:15:47,440 --> 00:15:50,720 Speaker 1: out a tweet. I believe it was yesterday earlier this week, 297 00:15:50,760 --> 00:15:54,400 Speaker 1: I forget exactly what day, and I showed a chart 298 00:15:55,040 --> 00:15:56,640 Speaker 1: and I like to I like to post a lot 299 00:15:56,640 --> 00:15:59,160 Speaker 1: of charts on my main YouTube channel, Mark Moss, as 300 00:15:59,200 --> 00:16:01,360 Speaker 1: well as on Twitter as well. Again, follow me on 301 00:16:01,360 --> 00:16:03,240 Speaker 1: those platforms if you're not. And I like to show 302 00:16:03,240 --> 00:16:05,280 Speaker 1: the charts because I want to show you the size 303 00:16:05,360 --> 00:16:07,600 Speaker 1: and the speed of these moves. And the chart comes 304 00:16:07,600 --> 00:16:10,280 Speaker 1: from FRED, which is the Federal Reserves Data Board, and 305 00:16:10,320 --> 00:16:13,680 Speaker 1: it showed that the interest on the debt, So again 306 00:16:13,680 --> 00:16:15,400 Speaker 1: they want to raise the debts in from thirty one 307 00:16:15,480 --> 00:16:17,320 Speaker 1: trillion to you know, almost thirty two to another one 308 00:16:17,360 --> 00:16:20,360 Speaker 1: and a half. The interest that's owed on that debt 309 00:16:20,480 --> 00:16:23,720 Speaker 1: is now equal to the amount of money that we 310 00:16:23,760 --> 00:16:28,120 Speaker 1: spend just on defense spending for the military. So we're 311 00:16:28,120 --> 00:16:30,800 Speaker 1: paying just as much on debt as we are on defense. 312 00:16:30,920 --> 00:16:34,960 Speaker 1: Now we spend. We spend more on defense than the 313 00:16:35,000 --> 00:16:41,440 Speaker 1: next ten countries combined combined. So everyone from number two China, Russia, everybody, 314 00:16:41,840 --> 00:16:44,600 Speaker 1: the next ten people, we spend more than that combined. Now, 315 00:16:44,800 --> 00:16:47,240 Speaker 1: so the debt, the interest on the debt is more. 316 00:16:47,280 --> 00:16:50,120 Speaker 1: Now does that sound bad? Did you know that the 317 00:16:50,120 --> 00:16:52,760 Speaker 1: Federal Reserve has raised rates at the highest and fastest 318 00:16:52,840 --> 00:16:56,040 Speaker 1: rate in history. And when the debt was taken on, 319 00:16:56,360 --> 00:17:00,119 Speaker 1: we were in the zero zero point five range. Today 320 00:17:00,160 --> 00:17:05,440 Speaker 1: we're at five percent. About thirty percent of that debt, 321 00:17:05,720 --> 00:17:08,960 Speaker 1: the thirty two trillion dollars has to be refinanced in 322 00:17:09,040 --> 00:17:13,600 Speaker 1: the next twelve months at these new five percent rates. 323 00:17:14,000 --> 00:17:16,720 Speaker 1: What do you think happens when you refinance thirty percent 324 00:17:16,840 --> 00:17:21,320 Speaker 1: of your thirty two trillion from zero percent to five percent? 325 00:17:21,480 --> 00:17:23,560 Speaker 1: Like if you took on thirty percent of your debt 326 00:17:23,600 --> 00:17:25,400 Speaker 1: for your business, you had got like on a zero 327 00:17:25,680 --> 00:17:27,920 Speaker 1: rate transfer credit card, and then all of a sudden 328 00:17:27,920 --> 00:17:29,680 Speaker 1: it resets at five percent. What is that going to 329 00:17:29,720 --> 00:17:31,919 Speaker 1: do to you in a time when the interest is 330 00:17:32,000 --> 00:17:35,080 Speaker 1: already meeting or exceeding defense spending, in a time when 331 00:17:35,119 --> 00:17:39,159 Speaker 1: you can't already make those obligations. It's insanity. If you're 332 00:17:39,160 --> 00:17:40,960 Speaker 1: just tuning in, you're listening to the Mark Mas Show. 333 00:17:40,960 --> 00:17:44,399 Speaker 1: We're talking about the insanity of the debt crisis that's happening, 334 00:17:44,400 --> 00:17:46,200 Speaker 1: the unsustainable debt. I got a lot more to cover 335 00:17:46,240 --> 00:17:49,680 Speaker 1: when I come back on the potential for a government default, 336 00:17:49,680 --> 00:17:52,439 Speaker 1: which is I'm thinking is probably the base case. It 337 00:17:52,480 --> 00:17:54,480 Speaker 1: looks like that's where we're headed. What does that mean 338 00:17:54,480 --> 00:17:57,479 Speaker 1: and what are the possible solutions to protect yourself and 339 00:17:57,520 --> 00:17:59,119 Speaker 1: profit from all this. We'll talk about all that in 340 00:17:59,160 --> 00:18:01,320 Speaker 1: a minute when I come back. Don't go away, I'll 341 00:18:01,359 --> 00:18:04,159 Speaker 1: be right back. All right, Welcome back. If you just 342 00:18:04,160 --> 00:18:06,479 Speaker 1: tune in, you're listening to the Mark mass Show. Taking 343 00:18:06,520 --> 00:18:09,400 Speaker 1: it through this debt crisis that we're in. We've been 344 00:18:09,400 --> 00:18:12,200 Speaker 1: covering how the government admitted that they're printing money from 345 00:18:12,240 --> 00:18:15,840 Speaker 1: thin air and now this debt crisis that's looming now. 346 00:18:15,880 --> 00:18:19,720 Speaker 1: I talked about the government having only less than two 347 00:18:19,840 --> 00:18:22,919 Speaker 1: weeks of money left. Now, of course they show us this. 348 00:18:22,960 --> 00:18:24,359 Speaker 1: They show us how much money they have in their 349 00:18:24,359 --> 00:18:26,760 Speaker 1: reserve account and so we can see their checking account. 350 00:18:26,760 --> 00:18:29,280 Speaker 1: We can also see how fast it's been drawing down. 351 00:18:29,400 --> 00:18:33,280 Speaker 1: So we basically just extrapolate what the current burn rate 352 00:18:33,359 --> 00:18:35,639 Speaker 1: is and then based off this current burn rate, how 353 00:18:35,760 --> 00:18:38,160 Speaker 1: much do you have left? And then how long will 354 00:18:38,160 --> 00:18:42,160 Speaker 1: that last? It's not hard to do, simple elementary math, 355 00:18:42,240 --> 00:18:44,760 Speaker 1: almost right, And so all we can see is that 356 00:18:45,040 --> 00:18:48,600 Speaker 1: based off of those numbers, we see that we have 357 00:18:48,960 --> 00:18:52,960 Speaker 1: about two weeks left. The treasury account is down to 358 00:18:53,560 --> 00:18:56,840 Speaker 1: one hundred and eighty five billion, which is a lot 359 00:18:56,880 --> 00:19:00,760 Speaker 1: of money, but not when you're talking about trillillions of dollars. 360 00:19:00,800 --> 00:19:04,399 Speaker 1: The government is running a two point two trillion dollar 361 00:19:04,640 --> 00:19:07,680 Speaker 1: deficit right now, so that means the deficit means that 362 00:19:07,720 --> 00:19:12,480 Speaker 1: their expenses exceed their income by two point two trillion. Now, 363 00:19:13,280 --> 00:19:16,440 Speaker 1: the treasury has one hundred and eighty five billion, The 364 00:19:16,480 --> 00:19:23,120 Speaker 1: cash balance is down just down thirty billion just from yesterday, 365 00:19:23,160 --> 00:19:26,560 Speaker 1: and only two point two billion in tax revenue came in, 366 00:19:26,920 --> 00:19:29,359 Speaker 1: because right, we have tax revenue coming in and tax 367 00:19:29,359 --> 00:19:31,280 Speaker 1: you know, taxes were doing April fifteenth last month, and 368 00:19:31,320 --> 00:19:33,520 Speaker 1: so the tax revenue is coming in, but they most 369 00:19:33,520 --> 00:19:35,920 Speaker 1: of that tax revenue is already in, like you should 370 00:19:35,920 --> 00:19:38,639 Speaker 1: have already paid that that's already in, which had a 371 00:19:38,680 --> 00:19:40,280 Speaker 1: little bit more trickle in two point two billion, but 372 00:19:40,320 --> 00:19:43,760 Speaker 1: we withdrew thirty you know what I'm saying. The expenses 373 00:19:43,760 --> 00:19:46,760 Speaker 1: are way exceeding the income. And so at this runway 374 00:19:46,800 --> 00:19:50,920 Speaker 1: we have about two weeks left. Now, this is obviously unsustainable. 375 00:19:51,760 --> 00:19:54,959 Speaker 1: I don't have to an elementary kid could figure that out. 376 00:19:54,960 --> 00:19:58,400 Speaker 1: That's unsustainable. The US government debt has gone from one 377 00:19:58,480 --> 00:20:04,199 Speaker 1: point two trillion to thirty one point four trillion just 378 00:20:04,240 --> 00:20:11,399 Speaker 1: since nineteen eighty. Thirty times in thirty years, well I 379 00:20:11,400 --> 00:20:15,600 Speaker 1: guess without forty years, thirty times in forty years one 380 00:20:15,640 --> 00:20:17,439 Speaker 1: point two jollion to thirty one point four jollion. That 381 00:20:17,480 --> 00:20:20,520 Speaker 1: is not sustainable. In nineteen eighty, going back to the 382 00:20:20,520 --> 00:20:24,120 Speaker 1: one point two trillion, the debt to GDP. So back 383 00:20:24,160 --> 00:20:27,639 Speaker 1: to a business, you have your your revenue, your gross revenue, 384 00:20:27,680 --> 00:20:29,639 Speaker 1: the amount of products that you produce, goods and service 385 00:20:29,640 --> 00:20:31,679 Speaker 1: that you produce, and then you have your debt. In 386 00:20:31,800 --> 00:20:34,720 Speaker 1: nineteen eighty, the debt in the United States government debt 387 00:20:34,800 --> 00:20:38,920 Speaker 1: to the GDP was twenty six percent. This year it's 388 00:20:38,960 --> 00:20:43,640 Speaker 1: one hundred and twenty three percent. So what does that mean, Well, 389 00:20:43,680 --> 00:20:45,480 Speaker 1: that means that what they do is they take on debt. 390 00:20:45,560 --> 00:20:47,040 Speaker 1: Just like your business. You would take on debt to 391 00:20:47,040 --> 00:20:48,639 Speaker 1: buy a new piece of equipment, a new van, new 392 00:20:48,680 --> 00:20:51,080 Speaker 1: truck hire somebody, and you hope that by buying that 393 00:20:51,119 --> 00:20:53,320 Speaker 1: new piece of equipment, and you take on that little 394 00:20:53,320 --> 00:20:55,600 Speaker 1: bit of debt, you know it's going to cost you 395 00:20:55,600 --> 00:20:56,880 Speaker 1: one hundred bucks a month to add on this piece 396 00:20:56,880 --> 00:20:58,680 Speaker 1: of equipment, but that piece equipment should make you five 397 00:20:58,760 --> 00:21:01,800 Speaker 1: hundred a month. So you take on one dollar of 398 00:21:01,840 --> 00:21:04,960 Speaker 1: debt to add five dollars of revenue. That'd be the goal. 399 00:21:05,320 --> 00:21:06,959 Speaker 1: And that's what the United States government has done, right. 400 00:21:06,960 --> 00:21:09,200 Speaker 1: They're trying to take on debt to try to grow. 401 00:21:09,440 --> 00:21:11,840 Speaker 1: The problem is is that at some point the debt 402 00:21:11,880 --> 00:21:14,600 Speaker 1: becomes unsustainable and it actually starts holding you back. It's 403 00:21:14,640 --> 00:21:16,120 Speaker 1: like trying to run up a hill with a backpack 404 00:21:16,160 --> 00:21:19,920 Speaker 1: full of rocks. And so that number really starts heating 405 00:21:20,000 --> 00:21:22,760 Speaker 1: up around ninety percent debt to GDP, and you're starting 406 00:21:22,760 --> 00:21:26,159 Speaker 1: to get less growth than the dollar of debt. And 407 00:21:26,200 --> 00:21:28,840 Speaker 1: so in the example I gave, so like in nineteen 408 00:21:28,880 --> 00:21:31,239 Speaker 1: eighty at twenty six percent debt to GDP, you know, 409 00:21:31,720 --> 00:21:33,040 Speaker 1: I don't have the exact data in front of me, 410 00:21:33,080 --> 00:21:35,360 Speaker 1: but potentially, you know, one dollar of debt would give 411 00:21:35,400 --> 00:21:38,800 Speaker 1: you back the five dollars of growth. Once you get 412 00:21:39,000 --> 00:21:41,639 Speaker 1: up to ninety percent, you're getting one dollar of growth 413 00:21:41,760 --> 00:21:43,840 Speaker 1: for one dollar of debts, so it's not really doing 414 00:21:43,840 --> 00:21:46,040 Speaker 1: anything for you. Now when you get to one hundred 415 00:21:46,040 --> 00:21:48,760 Speaker 1: and five ten percent twenty one hundred and twenty three 416 00:21:48,760 --> 00:21:51,879 Speaker 1: percent were're at now, now you're getting like fifty cents 417 00:21:51,880 --> 00:21:54,880 Speaker 1: of growth for the dollar of debt, which basically means 418 00:21:54,880 --> 00:21:57,879 Speaker 1: that you're digging your hole faster than your filling out 419 00:21:57,920 --> 00:22:01,080 Speaker 1: of it. If you've ever been to the beach, I 420 00:22:01,119 --> 00:22:02,359 Speaker 1: live at the beach, some there all the time, but 421 00:22:02,400 --> 00:22:04,680 Speaker 1: maybe I'm sure you've probably been there, and you see 422 00:22:04,720 --> 00:22:06,439 Speaker 1: people like kids, they'll go down kind of by the 423 00:22:06,440 --> 00:22:08,280 Speaker 1: water and they'll start digging a hole. A lot of 424 00:22:08,320 --> 00:22:10,439 Speaker 1: kids like to do that, and if you're close by 425 00:22:10,480 --> 00:22:12,119 Speaker 1: the water, you'll see it starts filling up with water. 426 00:22:12,359 --> 00:22:14,800 Speaker 1: They're digging and digging and digging. But no matter how 427 00:22:14,880 --> 00:22:16,600 Speaker 1: much they dig, they're never going to dig their way 428 00:22:16,600 --> 00:22:18,280 Speaker 1: out of the water because the water is underground right 429 00:22:18,280 --> 00:22:20,000 Speaker 1: you're on the ocean there, And that's basically the same 430 00:22:20,040 --> 00:22:21,960 Speaker 1: situation that we're in. No matter how much debt they 431 00:22:21,960 --> 00:22:24,960 Speaker 1: take on at this point, they can't grow their way 432 00:22:25,000 --> 00:22:28,000 Speaker 1: out of it. And of course, governments usually resort to 433 00:22:29,080 --> 00:22:32,760 Speaker 1: fiscal stimulus during a recession, which is where we're going 434 00:22:32,800 --> 00:22:36,679 Speaker 1: into right now, which means even more debt. But when 435 00:22:36,720 --> 00:22:40,400 Speaker 1: a government's running two point two trillion dollars of deficit already, 436 00:22:41,560 --> 00:22:44,720 Speaker 1: and then you know, and they're doing that during times 437 00:22:44,760 --> 00:22:48,120 Speaker 1: of economic expansion, times when things are good, times, when 438 00:22:48,119 --> 00:22:51,320 Speaker 1: the economy is growing. How the heck are they supposed 439 00:22:51,359 --> 00:22:58,439 Speaker 1: to run that stimulus during a recession. That's not good. 440 00:22:58,720 --> 00:23:01,919 Speaker 1: That's certainly good, which is why this default is looking 441 00:23:01,960 --> 00:23:04,480 Speaker 1: more and more likely. As a matter of fact, like 442 00:23:04,520 --> 00:23:07,359 Speaker 1: I said, there's this stellmate where the Republicans are like, look, okay, fine, 443 00:23:07,400 --> 00:23:09,280 Speaker 1: we'll increase that limit. We'll give you the extra one 444 00:23:09,280 --> 00:23:12,440 Speaker 1: point five trillion you want, but you are going to 445 00:23:12,480 --> 00:23:15,040 Speaker 1: have to cut some of your potential spending bills like 446 00:23:15,119 --> 00:23:17,719 Speaker 1: the IRS Bill for example. So we're going to give 447 00:23:17,760 --> 00:23:19,720 Speaker 1: you more, but like we're not. We're going to limit 448 00:23:19,800 --> 00:23:22,480 Speaker 1: the increases to one percent a year. So this future 449 00:23:22,520 --> 00:23:24,160 Speaker 1: spending that you wanted, you're going to have to cut 450 00:23:24,200 --> 00:23:26,000 Speaker 1: some of that out. And that's where the stellmate is. 451 00:23:26,240 --> 00:23:28,720 Speaker 1: And so the Biden administration says, no deal, we won't 452 00:23:28,760 --> 00:23:32,920 Speaker 1: do it, and the Republicans seem to be pretty steadfast 453 00:23:32,960 --> 00:23:37,520 Speaker 1: on this number. As a matter of fact number forty five. 454 00:23:37,800 --> 00:23:43,159 Speaker 1: President Donald Trump came out and urged the Republicans to 455 00:23:43,359 --> 00:23:48,760 Speaker 1: get the spending cuts from the Democrats before they concede. 456 00:23:49,200 --> 00:23:53,680 Speaker 1: So he's basically said, look, don't don't don't cave, get 457 00:23:53,720 --> 00:23:58,000 Speaker 1: those concessions from the Biden administration, reduce spending, or if 458 00:23:58,040 --> 00:24:01,400 Speaker 1: it won't happen, then he says, to push the US 459 00:24:01,440 --> 00:24:05,119 Speaker 1: into its first ever default. That was an interview that 460 00:24:05,160 --> 00:24:08,400 Speaker 1: he did with CNN. Quote. I say to the Republicans 461 00:24:08,440 --> 00:24:11,679 Speaker 1: out there, congressman, senators, if they don't give you massive cuts, 462 00:24:11,720 --> 00:24:14,360 Speaker 1: you're going to have to do a default. In quote, 463 00:24:14,400 --> 00:24:17,280 Speaker 1: Trump said. He went on to say, quote, I don't 464 00:24:17,280 --> 00:24:18,879 Speaker 1: believe they're going to do a default because I think 465 00:24:18,880 --> 00:24:22,320 Speaker 1: the Democrats will absolutely cave, will absolutely cave because you 466 00:24:22,320 --> 00:24:25,200 Speaker 1: don't have to have that happen. But it's better than 467 00:24:25,560 --> 00:24:27,840 Speaker 1: what we're doing right now, because we're spending money like 468 00:24:27,920 --> 00:24:32,679 Speaker 1: drunken sailors. End quote. So she says, look, hold strong, 469 00:24:33,920 --> 00:24:36,320 Speaker 1: what do you think do you think the government should 470 00:24:36,320 --> 00:24:37,960 Speaker 1: continue to spend like drunken sailors? Do you think the 471 00:24:38,000 --> 00:24:40,160 Speaker 1: debt doesn't matter? Do you think it do you think 472 00:24:40,280 --> 00:24:42,359 Speaker 1: it matters if these people won't get paid back. No, 473 00:24:42,640 --> 00:24:45,800 Speaker 1: you've heard we owe the money to ourselves, right, well 474 00:24:45,800 --> 00:24:48,960 Speaker 1: do we? If you have a retirement account, mutual funds 475 00:24:48,960 --> 00:24:53,440 Speaker 1: four oh one k's pensions, it's probably in government debt. 476 00:24:54,480 --> 00:24:57,919 Speaker 1: You are probably the one loaning the money. Your money 477 00:24:58,000 --> 00:24:59,760 Speaker 1: is loan to your bank. I'm sure you've heard me 478 00:24:59,800 --> 00:25:01,520 Speaker 1: say that before. The money in the bank is not 479 00:25:01,600 --> 00:25:04,480 Speaker 1: your money. The bank owes you money legally. That's a 480 00:25:04,480 --> 00:25:08,280 Speaker 1: big deal. And the bank owns the government debt. So 481 00:25:08,560 --> 00:25:10,639 Speaker 1: if the government defaults on the debt, they're not paying 482 00:25:10,680 --> 00:25:13,120 Speaker 1: you your pension or retirement. They're not paying the bank back, 483 00:25:13,160 --> 00:25:15,000 Speaker 1: and then the bank can't pay you back. That's how 484 00:25:15,000 --> 00:25:21,200 Speaker 1: that works. So it's a big deal. Should they continue 485 00:25:21,240 --> 00:25:24,199 Speaker 1: spending when they can't already pay? Now? Again, what the 486 00:25:24,240 --> 00:25:26,240 Speaker 1: Republicans are doing is saying we need to take the 487 00:25:26,320 --> 00:25:30,960 Speaker 1: spending all the way back to twenty twenty two. Last year, now, 488 00:25:30,960 --> 00:25:34,399 Speaker 1: if I remember correctly, last year was pretty dang good. 489 00:25:34,720 --> 00:25:38,280 Speaker 1: Like the world didn't end. We had social programs, like 490 00:25:38,320 --> 00:25:41,080 Speaker 1: the roads were there. Like, if we just held spending 491 00:25:41,119 --> 00:25:43,080 Speaker 1: to where we were last year, does the world end? 492 00:25:43,119 --> 00:25:46,159 Speaker 1: Is it that bad? Again? I'd love to hear from you. 493 00:25:46,280 --> 00:25:48,639 Speaker 1: Hit me up on social media and let me know 494 00:25:48,720 --> 00:25:52,000 Speaker 1: at one Mark Moss. But it's looking like most Americans 495 00:25:52,080 --> 00:25:54,200 Speaker 1: are starting to say they don't agree. As a matter 496 00:25:54,240 --> 00:25:57,720 Speaker 1: of fact, they don't want to see the debt ceiling 497 00:25:57,760 --> 00:26:03,440 Speaker 1: increased anymore. White House officials hint at possible short term 498 00:26:03,440 --> 00:26:07,120 Speaker 1: debt deal to advert default. Potentially they might save the deal. 499 00:26:07,560 --> 00:26:10,000 Speaker 1: New York Times say that meet the House Republicans who 500 00:26:10,040 --> 00:26:12,480 Speaker 1: Democrats hope will defect on the debt limits. So now 501 00:26:12,480 --> 00:26:14,280 Speaker 1: what the Democrats are doing is they're trying to get 502 00:26:14,320 --> 00:26:18,320 Speaker 1: a couple of Republicans to switch sides and vote with them. 503 00:26:18,560 --> 00:26:20,920 Speaker 1: A long shot Democratic effort to force a debt limit 504 00:26:20,960 --> 00:26:25,240 Speaker 1: increase to the floor hinges on at least five GOP defections. 505 00:26:25,600 --> 00:26:28,560 Speaker 1: These House Republicans are considered likeliest. So now they're trying 506 00:26:28,600 --> 00:26:31,560 Speaker 1: to literally get people to switch sides so they can 507 00:26:31,760 --> 00:26:33,760 Speaker 1: ram this through. But like I said, I think it's 508 00:26:33,800 --> 00:26:38,280 Speaker 1: fifty eight percent of Americans do not support a debt increase. 509 00:26:38,400 --> 00:26:40,200 Speaker 1: But again, I'd love to hear what you have to say. Hey, 510 00:26:40,280 --> 00:26:42,400 Speaker 1: up on social media, out one Mark Moss and let 511 00:26:42,400 --> 00:26:45,080 Speaker 1: me know if you're just tune in you're listening to 512 00:26:45,119 --> 00:26:46,960 Speaker 1: the Mark Moss Show. Of course we talk about the 513 00:26:46,960 --> 00:26:49,640 Speaker 1: decentralized revolution, the way the world is breaking apart from 514 00:26:49,640 --> 00:26:53,720 Speaker 1: a centralized world to a decentralized world. A centralized world 515 00:26:53,720 --> 00:26:55,920 Speaker 1: that's controlled by the US government, homogeny of the US 516 00:26:55,960 --> 00:27:00,159 Speaker 1: dollar reserve system that is obviously falling apart right now, 517 00:27:00,320 --> 00:27:03,639 Speaker 1: what comes next? A very decentralized world. I got a 518 00:27:03,640 --> 00:27:06,119 Speaker 1: whole lot more to cover. Still, we're not done yet. 519 00:27:06,440 --> 00:27:10,959 Speaker 1: We're going to talk about the chances the betting markets 520 00:27:10,960 --> 00:27:13,240 Speaker 1: are giving of a debt default. And we're going to 521 00:27:13,240 --> 00:27:15,280 Speaker 1: talk about the big problem and the big solutions that 522 00:27:15,320 --> 00:27:19,920 Speaker 1: we have to protect ourselves and our nation and the world. 523 00:27:19,920 --> 00:27:21,160 Speaker 1: So we're gonna talk about all that in a minute. 524 00:27:21,160 --> 00:27:23,040 Speaker 1: When I come back. You're listening to the Mark Maas 525 00:27:23,040 --> 00:27:25,600 Speaker 1: Show talking about the decentralized Revolution. I'll be back with 526 00:27:25,680 --> 00:27:27,800 Speaker 1: all that and more in a minute. Don't go away, 527 00:27:28,000 --> 00:27:30,000 Speaker 1: I'll be back, all right, Welcome back. If you're just 528 00:27:30,000 --> 00:27:32,000 Speaker 1: tuning in, you're listening to the Mark Maas Show. We're 529 00:27:32,040 --> 00:27:34,920 Speaker 1: talking about each and every week, the decentralized revolution. Of course, 530 00:27:35,680 --> 00:27:38,760 Speaker 1: the way the world changes through the lens of politics, finance, 531 00:27:38,880 --> 00:27:42,160 Speaker 1: and technology. We look at it through those three lenses 532 00:27:42,200 --> 00:27:45,600 Speaker 1: because it helps us to bring context and clarity understand 533 00:27:45,640 --> 00:27:49,760 Speaker 1: to what's going on now. We're talking about the insanity 534 00:27:49,760 --> 00:27:52,560 Speaker 1: of Brad Sherman's comments of the crypto bros Printing money 535 00:27:52,560 --> 00:27:55,439 Speaker 1: from thin air, and how he clearly doesn't understand what 536 00:27:55,480 --> 00:27:57,119 Speaker 1: money is, or how it's made, or what value is. 537 00:27:57,600 --> 00:27:59,600 Speaker 1: But then the highlight of that the government can print 538 00:27:59,600 --> 00:28:01,280 Speaker 1: money from than air and what that means. We talked 539 00:28:01,280 --> 00:28:04,800 Speaker 1: about the debt ceiling, We talked about the potential debt default, 540 00:28:04,800 --> 00:28:07,760 Speaker 1: which it looks like it's starting to really come to fruition. 541 00:28:07,760 --> 00:28:11,320 Speaker 1: As a matter of fact, all markets are betting markets, 542 00:28:11,359 --> 00:28:12,840 Speaker 1: and so what does that mean. That means when I 543 00:28:12,840 --> 00:28:15,760 Speaker 1: buy an asset in the market, whether it's a house, well, 544 00:28:15,920 --> 00:28:17,240 Speaker 1: maybe not a house, because you might buy it for 545 00:28:17,280 --> 00:28:19,480 Speaker 1: different reasons. But in the market, like the stock market, 546 00:28:19,480 --> 00:28:23,760 Speaker 1: for example, if I buy an asset, I'm betting basically 547 00:28:23,880 --> 00:28:27,080 Speaker 1: that the price of that stock will go up or 548 00:28:27,119 --> 00:28:28,840 Speaker 1: I'm betting it will go down if I'm short selling it. 549 00:28:28,880 --> 00:28:31,439 Speaker 1: Either way, I'm betting on a future valuation of that asset. 550 00:28:32,119 --> 00:28:34,679 Speaker 1: So all markets are betting markets. Now, the stock markets, 551 00:28:34,720 --> 00:28:38,840 Speaker 1: where most people focus on aren't really the best markets 552 00:28:38,880 --> 00:28:41,200 Speaker 1: to look at, not where professional investors look those are 553 00:28:41,320 --> 00:28:44,120 Speaker 1: trailing indicators that tell you kind of what happened. So 554 00:28:44,160 --> 00:28:46,240 Speaker 1: then the next best place to look would be the 555 00:28:46,240 --> 00:28:49,520 Speaker 1: bond market, and that's where professional investors look the debt 556 00:28:49,560 --> 00:28:52,920 Speaker 1: of these companies and then the real market to look at. 557 00:28:53,000 --> 00:28:55,920 Speaker 1: According to one of my good friends, my as brother, 558 00:28:55,960 --> 00:28:59,160 Speaker 1: I'm talking about Greg Foss. He's been a thirty year 559 00:28:59,280 --> 00:29:02,640 Speaker 1: debt trader, bond trader. He talks about the credit default swaps, 560 00:29:02,640 --> 00:29:06,080 Speaker 1: the CDs market. Now, the CDs market is basically where 561 00:29:06,480 --> 00:29:10,320 Speaker 1: investors will hedge their bets. They'll buy insurance against their position. 562 00:29:10,400 --> 00:29:12,440 Speaker 1: In case the position crashes, they have money for that. 563 00:29:13,120 --> 00:29:15,600 Speaker 1: It got kind of popularized, we'll say, in the two 564 00:29:15,600 --> 00:29:17,960 Speaker 1: thousand and eight Great financial Crash, and it was really 565 00:29:17,960 --> 00:29:20,120 Speaker 1: popularized by the book and then the movie called The 566 00:29:20,120 --> 00:29:22,880 Speaker 1: Big Short. And if you haven't read the book or 567 00:29:23,000 --> 00:29:25,200 Speaker 1: watched the movie, I would highly recommend it. As a 568 00:29:25,200 --> 00:29:27,160 Speaker 1: matter of fact, I'm probably due for watching it again. 569 00:29:27,280 --> 00:29:28,640 Speaker 1: I read the book when it first came out. It 570 00:29:28,640 --> 00:29:32,880 Speaker 1: was amazing. The book's always better the video. The movie's good. 571 00:29:33,160 --> 00:29:37,080 Speaker 1: We had some big name actors, Christian Bale and forget 572 00:29:37,120 --> 00:29:39,040 Speaker 1: all the actors in it anymore. But anyway, it's a 573 00:29:39,040 --> 00:29:42,280 Speaker 1: good movie, probably worth watching again for myself, but they 574 00:29:42,360 --> 00:29:46,160 Speaker 1: really highlight what happened. And so an investor who is 575 00:29:46,240 --> 00:29:50,160 Speaker 1: named in real life Kyle Bass, basically made these bets 576 00:29:50,160 --> 00:29:53,200 Speaker 1: against the housing crisis, knowing that the housing crisis was 577 00:29:53,200 --> 00:29:55,840 Speaker 1: going to fail, knowing that the banks owned all these 578 00:29:56,400 --> 00:29:59,520 Speaker 1: mortgage backed securities, these nbs, and it was a big 579 00:29:59,560 --> 00:30:02,000 Speaker 1: mess going to go through all that. But basically he 580 00:30:02,080 --> 00:30:05,560 Speaker 1: went and started buying insurance against that using the CDs, 581 00:30:05,600 --> 00:30:08,640 Speaker 1: the credit default swaps. Now, one thing about a CDs 582 00:30:08,720 --> 00:30:10,680 Speaker 1: is that you don't have to own the asset to 583 00:30:10,680 --> 00:30:12,240 Speaker 1: buy insurance on it. So it'd be like if you 584 00:30:12,240 --> 00:30:14,360 Speaker 1: owned a house on a flood zone. For example, I 585 00:30:14,400 --> 00:30:16,320 Speaker 1: saw like a dam was about to break, I could 586 00:30:16,360 --> 00:30:18,840 Speaker 1: go buy insurance on your house and if it got flooded, 587 00:30:18,840 --> 00:30:20,760 Speaker 1: I would win. But you can't do that unless you 588 00:30:20,760 --> 00:30:22,720 Speaker 1: own the asset. You can't buy car insurance or house 589 00:30:22,760 --> 00:30:25,680 Speaker 1: insurance for somebody else. But with credit default swaps you can, 590 00:30:26,760 --> 00:30:29,120 Speaker 1: and so that's really the best market. It's sort of 591 00:30:29,120 --> 00:30:33,320 Speaker 1: like when they run like presidential election polls, the polls 592 00:30:33,320 --> 00:30:36,680 Speaker 1: aren't very accurate. The betting markets on who's going to 593 00:30:36,760 --> 00:30:38,560 Speaker 1: win the pole is very accurate. And the reason why 594 00:30:38,600 --> 00:30:40,440 Speaker 1: is because people are putting their money where their mouth is. 595 00:30:40,440 --> 00:30:42,400 Speaker 1: They're putting putting skin in the game, so to speak. 596 00:30:42,560 --> 00:30:45,440 Speaker 1: And so the CDs market, credit default swap market is 597 00:30:45,760 --> 00:30:48,520 Speaker 1: that market. It tells us what's going on there. And 598 00:30:48,560 --> 00:30:51,400 Speaker 1: the credit default swap market, the price of the CDs 599 00:30:51,440 --> 00:30:54,600 Speaker 1: swaps are going through the roof, and it's pricing in 600 00:30:55,760 --> 00:30:59,680 Speaker 1: that we're likely most likely to have and a default. Now, 601 00:31:00,040 --> 00:31:01,800 Speaker 1: say the default. There's two types of default. There's a 602 00:31:01,840 --> 00:31:05,520 Speaker 1: hard default and there's a software a technical default. Okay, 603 00:31:05,800 --> 00:31:07,760 Speaker 1: so a hard default would be where the government just 604 00:31:07,800 --> 00:31:10,720 Speaker 1: doesn't pay any debt. Hey, sorry, we owe thirty two jrillion, 605 00:31:10,880 --> 00:31:13,120 Speaker 1: forget it, we ain't paying. That'd be a hard default. 606 00:31:13,200 --> 00:31:16,080 Speaker 1: That's not gonna happen. That will that will most likely 607 00:31:16,200 --> 00:31:21,280 Speaker 1: never happen. The reason why is because no government with 608 00:31:21,440 --> 00:31:25,080 Speaker 1: a money printer will do a hard default. They're gonna 609 00:31:25,080 --> 00:31:27,400 Speaker 1: print the money. As Jenna Ellen said, we'll have to 610 00:31:27,400 --> 00:31:29,840 Speaker 1: print the money. We'll take on the debt right now. 611 00:31:30,080 --> 00:31:34,320 Speaker 1: A soft or a technical default is different. If this 612 00:31:34,400 --> 00:31:38,880 Speaker 1: gets delayed by one day and they squabble over it 613 00:31:38,920 --> 00:31:42,160 Speaker 1: and it goes a day long, that's a technical default. Okay, 614 00:31:42,560 --> 00:31:46,600 Speaker 1: so it's pricing in a technical or a soft default, 615 00:31:46,680 --> 00:31:48,800 Speaker 1: not a hard default. So don't don't get alarmed over this. 616 00:31:49,960 --> 00:31:54,560 Speaker 1: That's not gonna happen. But like I said, this is 617 00:31:54,640 --> 00:31:57,440 Speaker 1: this is, this is what's happening now. We're starting to 618 00:31:57,480 --> 00:31:59,600 Speaker 1: see really a changing of the guard with this, and 619 00:31:59,600 --> 00:32:02,680 Speaker 1: we're seeing a lot of distrust happening in the government 620 00:32:02,760 --> 00:32:06,000 Speaker 1: regardless of what happens, regardless of the outcome of this 621 00:32:06,080 --> 00:32:09,720 Speaker 1: whole debacle. Either way, it's eroded the trust and the 622 00:32:09,760 --> 00:32:14,120 Speaker 1: confidence in the government, and it's exposed that the government 623 00:32:14,120 --> 00:32:16,480 Speaker 1: the empire, wears no clothes. It's exposed that your business 624 00:32:16,480 --> 00:32:19,000 Speaker 1: campaign its bills. It's exposed that unless they continue this 625 00:32:19,040 --> 00:32:23,320 Speaker 1: Ponzi scheme, they can't succeed. And people are really starting 626 00:32:23,320 --> 00:32:25,600 Speaker 1: to turn their back against the Biden administration because they're 627 00:32:25,600 --> 00:32:28,240 Speaker 1: the ones running the show right now, and we're starting 628 00:32:28,240 --> 00:32:31,080 Speaker 1: to see them, mainstream media even turning its back against Biden. 629 00:32:31,560 --> 00:32:34,560 Speaker 1: We saw a poll that was run just this week 630 00:32:35,120 --> 00:32:38,200 Speaker 1: and it shows fifty four percent of pose raising the 631 00:32:38,200 --> 00:32:42,640 Speaker 1: dead ceiling. And interesting enough, Tidbitt says that the opposition 632 00:32:42,760 --> 00:32:46,720 Speaker 1: was stronger from those without a college degree. I thought 633 00:32:46,760 --> 00:32:49,000 Speaker 1: that was pretty interesting. You think it would be opposite. 634 00:32:49,040 --> 00:32:50,720 Speaker 1: The college degree would be smarter, they'd know what's more 635 00:32:50,720 --> 00:32:52,640 Speaker 1: going on. But I think the smarter people who went 636 00:32:52,640 --> 00:32:57,080 Speaker 1: to college got indoctrinated and they think that it's just okay, 637 00:32:57,120 --> 00:32:58,840 Speaker 1: we can spend forever. And that just kind of goes 638 00:32:58,880 --> 00:33:04,480 Speaker 1: to show you how much college is act actually teach you. Now, 639 00:33:03,880 --> 00:33:08,200 Speaker 1: it's no doubt, No, it's not a mystery why the 640 00:33:08,200 --> 00:33:10,120 Speaker 1: mainstream media and why people are starting to turn their 641 00:33:10,160 --> 00:33:11,840 Speaker 1: back on this. We can see in just two years 642 00:33:11,840 --> 00:33:16,080 Speaker 1: of the Biden administration, a typical American family has lost 643 00:33:16,120 --> 00:33:20,920 Speaker 1: over seven thousand dollars in purchasing power. Seven thousand dollars. 644 00:33:21,240 --> 00:33:23,560 Speaker 1: What does that mean. Well, that means that let's say 645 00:33:23,560 --> 00:33:26,920 Speaker 1: that you make let's just use easy numbers. Let's say 646 00:33:26,920 --> 00:33:28,960 Speaker 1: that you make fifty bucks an hour. You may not 647 00:33:29,000 --> 00:33:31,200 Speaker 1: make that much, let's just say you make that. That's 648 00:33:31,200 --> 00:33:34,560 Speaker 1: one hundred and forty hours that you have to work 649 00:33:34,680 --> 00:33:38,960 Speaker 1: extra just to have the exact same quality of life 650 00:33:39,360 --> 00:33:42,240 Speaker 1: that you had before. Now, if we divide that by 651 00:33:43,520 --> 00:33:48,000 Speaker 1: twelve months, that's eleven and a half hours per month 652 00:33:48,200 --> 00:33:51,560 Speaker 1: of your life that they have stolen just for you 653 00:33:51,680 --> 00:33:53,800 Speaker 1: to maintain. So, if you had you know, a house, 654 00:33:53,880 --> 00:33:56,320 Speaker 1: a car, you ate steak twice a week, You had, 655 00:33:56,360 --> 00:33:58,480 Speaker 1: you know, one vacation a year, a bunch of kids, 656 00:33:58,560 --> 00:34:00,520 Speaker 1: new shoes, you know, twice a year, whatever, whatever your 657 00:34:00,560 --> 00:34:03,920 Speaker 1: standard of living was. Now, in order to have that 658 00:34:04,080 --> 00:34:07,800 Speaker 1: exact same standard of living, you now have to work 659 00:34:08,000 --> 00:34:11,200 Speaker 1: almost twelve hours more per month. Now that's if you 660 00:34:11,280 --> 00:34:13,239 Speaker 1: make fifty bucks an hour, if you make ten bucks 661 00:34:13,280 --> 00:34:16,359 Speaker 1: an hour, just do the math. That's still in your life. 662 00:34:16,480 --> 00:34:18,719 Speaker 1: That's twelve hours that you could have put into the 663 00:34:18,760 --> 00:34:21,279 Speaker 1: gym so you were healthy. That's twelve hours you could 664 00:34:21,280 --> 00:34:22,960 Speaker 1: have put into your relationship with your wife or your 665 00:34:23,040 --> 00:34:25,719 Speaker 1: kids so you could be a better husband, father, mother, 666 00:34:25,800 --> 00:34:28,319 Speaker 1: or whatever. That's twelve hours you could have started a 667 00:34:28,400 --> 00:34:30,640 Speaker 1: new business, you could become financially free. Twelve hours you 668 00:34:30,640 --> 00:34:32,520 Speaker 1: could have gone to school to learn your skill. Whatever 669 00:34:32,920 --> 00:34:34,920 Speaker 1: it's your life. You do however, you want, go sit 670 00:34:34,960 --> 00:34:37,080 Speaker 1: on the beach. I don't care. The point is the 671 00:34:37,120 --> 00:34:42,040 Speaker 1: government has taken that away by printing money, which is 672 00:34:42,080 --> 00:34:44,799 Speaker 1: no wonder why home ownership affordabilities is at an all 673 00:34:44,840 --> 00:34:47,600 Speaker 1: time low. Of course, government spending, national debt as at 674 00:34:47,600 --> 00:34:51,000 Speaker 1: all time high. Now we do have a solution to 675 00:34:51,040 --> 00:34:54,720 Speaker 1: this and of course that's bitcoin. Bitcoin is a finite amount, 676 00:34:54,800 --> 00:34:56,759 Speaker 1: no more than twenty one million bitcoin whatever be mine. 677 00:34:56,760 --> 00:35:00,279 Speaker 1: Now there it is. You can break down. Just like 678 00:35:00,320 --> 00:35:03,480 Speaker 1: a dollar breaks down into one hundred cents, a bitcoin 679 00:35:03,520 --> 00:35:07,480 Speaker 1: breaks down into a hundred million SATs. So there's plenty 680 00:35:07,480 --> 00:35:10,560 Speaker 1: to go around. But the fact is that nobody controls it, 681 00:35:10,600 --> 00:35:13,320 Speaker 1: and nobody can create more of it, like the Federal 682 00:35:13,320 --> 00:35:16,200 Speaker 1: Reserve does with the dollar. In addition to that, if 683 00:35:16,200 --> 00:35:18,279 Speaker 1: I want to hold it, not only can they not 684 00:35:18,320 --> 00:35:20,080 Speaker 1: print more of it to steal my value a way 685 00:35:20,120 --> 00:35:22,160 Speaker 1: that way, they also can't take it from my bank. 686 00:35:22,360 --> 00:35:24,680 Speaker 1: And if I want to send it to you, nobody 687 00:35:24,680 --> 00:35:26,799 Speaker 1: can censor that. Nobody can stop it, blocking or prevent it. 688 00:35:27,920 --> 00:35:31,680 Speaker 1: And so while this is bad for America, While this 689 00:35:31,760 --> 00:35:34,319 Speaker 1: is bad for Americans, and it's bad for the whole 690 00:35:34,320 --> 00:35:36,640 Speaker 1: world holding dollars, it's bad for the whole hold everyone 691 00:35:36,640 --> 00:35:38,120 Speaker 1: gets caught up in this. It's not it's not something 692 00:35:38,160 --> 00:35:42,000 Speaker 1: to cheer. It is bringing attention to the insanity of 693 00:35:42,040 --> 00:35:44,960 Speaker 1: the Ponzi scheme that's the United States. It's bringing attention 694 00:35:45,000 --> 00:35:47,720 Speaker 1: to the insanity of Jenny Yellen of the US Treasury 695 00:35:47,760 --> 00:35:50,880 Speaker 1: and the fed Ero and pal and it's highlighting that 696 00:35:50,960 --> 00:35:53,640 Speaker 1: we have a solution. It's sitting there right in front 697 00:35:53,640 --> 00:35:57,919 Speaker 1: of us, the Bitcoin network. And as the trust, as 698 00:35:57,920 --> 00:36:01,280 Speaker 1: the confidence continues to become eroded, people will be looking 699 00:36:01,320 --> 00:36:03,600 Speaker 1: for solutions. Now. This happens a lot faster in other 700 00:36:03,640 --> 00:36:06,719 Speaker 1: countries like Lebanon or Turkey or Argentina Venezuela, where they're 701 00:36:06,760 --> 00:36:11,320 Speaker 1: having double triple digit inflation. But it's coming, it's coming. 702 00:36:11,360 --> 00:36:12,880 Speaker 1: That's what this debt ceiling is showing us. That's what 703 00:36:12,920 --> 00:36:15,200 Speaker 1: Janet Yellen just said. We have to continue to take 704 00:36:15,200 --> 00:36:16,520 Speaker 1: on more debt if we want to continue to paying 705 00:36:16,520 --> 00:36:19,640 Speaker 1: our bills. So that means more money printing ahead. That 706 00:36:19,719 --> 00:36:24,040 Speaker 1: means more loss of your purchasing power. That means higher prices, 707 00:36:24,400 --> 00:36:27,360 Speaker 1: and it only accelerates the law of diminishing returns. And 708 00:36:27,400 --> 00:36:31,520 Speaker 1: so we have bitcoin. Thank God for bitcoin. You're listening 709 00:36:31,520 --> 00:36:33,960 Speaker 1: to the Mark Maas Show. We've been talking about the 710 00:36:33,960 --> 00:36:37,520 Speaker 1: insanity and the unsustainability of the debt crisis and the 711 00:36:37,560 --> 00:36:39,759 Speaker 1: solutions that we have. That's what I got. Thanks so 712 00:36:39,840 --> 00:36:40,440 Speaker 1: much for listening.